News & Analysis as of September 23, 2024

Foreign Account Tax Compliance Act › Bitcoin

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The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on 10/6/2022

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

So much of Virtual Currency is still subject to Interpretation

Foodman CPAs & Advisors on 6/9/2020

On February 12,2020, the U.S. Government Accountability Office (GAO) published a Report on Virtual Currencies which discusses whether Taxpayers who use Virtual Currency (VC) are fully meeting their tax obligations. ...more

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on 1/8/2020

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Bitcoins y el IRS: Reportaje y Almacenamiento

Foodman CPAs & Advisors on 9/6/2018

La posesión de moneda virtual, también conocida como criptomoneda, es legal tanto en los EE.UU como en muchas otras partes del mundo. La forma más conocida de moneda virtual es Bitcoin. ...more

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on 7/16/2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

If my Virtual Currency is walking around with me, is it reportable?

Foodman CPAs & Advisors on 6/15/2018

Virtual Currency (VC) storage comes in the form of a “wallet” with private digital keys. The “wallets” can be domiciled in VC exchanges that operate in the US or foreign jurisdictions....more

Bitcoins and the IRS: Reporting and Storing

Foodman CPAs & Advisors on 12/29/2017

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on 12/7/2017

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Bitcoin and the Like: Tax Considerations

BakerHostetler on 4/2/2015

Virtual currency is a new, untested, and unregulated asset. The Internal Revenue Service (IRS) defines “virtual currency” as a digital representation of value that functions as a medium of exchange, a unit of account, and/or...more

Tax Talk -- Volume 7, No. 2 -- July 2014

Morrison & Foerster LLP on 7/30/2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

Katten Muchin Rosenman LLP on 5/12/2014

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

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Foreign Account Tax Compliance Act › Bitcoin

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